AIG launches new Lloyd’s syndicate for US high net worth market
American International Group (AIG) plans to launch a new syndicate at Lloyd’s serving the specialist U.S. high net worth market.
AIG said this specialist syndicate represents substantial, accretive new business to the Lloyd’s market, writing up to $1 billion in gross written premiums. It plans to start writing business effective January 1, 2020.
Syndicate 2019 will be managed by Talbot Underwriting Limited, the managing agency acquired by AIG in 2018, and will underwrite risks in the U.S. high net worth segment, where AIG Private Client Group (“PCG”) is a recognized player in the ultra-high net worth segment, with an established distribution network.
“AIG’s industry-recognized private client group and its differentiated distribution network are highly compatible with Lloyd’s blueprint for innovation and sustained growth,” said Peter Zaffino, chief executive officer, general insurance, and global chief operating officer, AIG. “We look forward to working closely with Lloyd’s to bring Syndicate 2019 to market, and to delivering enhanced differentiation and value to the US high net worth customer base.”
John Neal, Lloyd’s chief executive, said: “AIG Private Client Group is regarded as one of the flagship high net worth portfolios in the U.S., providing a bespoke underwriting and service proposition for its customers. We are delighted that AIG has made the strategic decision to partner with the Lloyd’s market to bring specialty niche business which wouldn’t otherwise naturally find its way into Lloyd’s. Syndicate 2019 is a significant endorsement of the Future at Lloyd’s and represents strong support for our vision to build the most advanced insurance marketplace in the world.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
SCOR reports 17% rise in net income despite catastrophe losses
Insurtech investments surpass 2018 full-year total - WTW
Typhoon losses set to boost reinsurance rates for Japan re/insurers - KBW
Beazley launches suite of cyber risk management services for international policyholders
Aon appoints Michael Moran to client leadership role
Feature: 10 ways insurers are using insurtech to drive new business
